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Why “Boring” Is Beautiful When Trading Binary Options
Alex

LEVEL 10 : SENIOR

REVIEWS 9 | REPLIES 84

#2931

Alex

November 9, 2015 at 3:42 pm

Has your trading become somewhat boring for you? If the answer is yes, don’t stress – you are on the right path! Every trader, at one point or the other, has experienced the “thrill” of trading. The rush of not knowing what will happen next. Will I win or lose this trade? Am I going to double my account today? Will I make enough profit to be able to buy that expensive car that I have always wanted? Trading can be a lot of fun until you realize that you are not actually trading, but gambling. Then reality sets in, and you realize that if you want to become a real trader you need your trading to become less exciting.

If you are trading and it is not “boring” for you, you may be doing something wrong. Proper trading should be effortless and boring to a large degree. Don’t believe me? If you ask any professional trader that has been trading for a few years, they will all tell you that trading has become just another daily task for them. They don’t get excited as they used to back in the day.

A Common Misconception About Trading

A lot of people tend to associate trading with movies they have watched such as the famous “Wall Street”. They see a trader yelling over the telephone or waving his hands in the air to get his orders placed at the best price. Trading is the exact opposite as to what these movies show you. Yes, maybe that is what you needed to do back in the day to take a trade when floor trading was still in full-swing, but these days all you need to do is click a button to be in a trade. The idea that trading is a fast-paced, adrenaline pumping activity could not be further from the truth. Come to think about it, trading should be the exact opposite. Most professional traders sit day after day doing next to nothing. Don’t get me wrong, this does not mean that trading is easy.

An average trader’s day will look something like this:

-> Wake up and eat breakfast

-> Open trading charts and plan their daily trading

-> Watch charts for a few hours

-> Eat lunch, visit trading forums and do trading research

-> Watch charts

-> Go over the day’s trading and draw in levels for the next day

-> Eat dinner and go to sleep

Your day-to-day trading routine should be regular and reliable. Every day should be about the same if you are doing it right. Some days you might not even trade at all which is a hard pill to swallow for most.

Why Do Traders Feel Bored When Trading?

Trading is a waiting game. Professional traders will wait for an “A+” trade setup to appear before they take a trade. After taking their trade, they will sit and wait for the next A+ trade to appear. Waiting for the perfect setup to present itself can be extremely challenging for many traders, especially if:

  • You struggle sitting still. Some people get bored if they are not actively doing something.
  • You are impatient. Some people just don’t have the patience to grow their small account into something sizeable.
  • You are addicted to emotional ups and downs. Some people love to have rollercoaster emotions.
  • You think that waiting means doing nothing. Some people feel that they constantly need to take action to pursue wealth. They think if they aren’t doing something the whole time, they are wasting their time.

All that sitting and waiting for a trade to appear is only one reason why trading for a living can be boring. The other reason trading might be boring is when trading goes right.

The Difference Between A Successful And An Amateur Trader

A successful trader knows more or less what to expect each day. They have planned beforehand what they will do if X, Y or Z happens. This enables them to control themselves and not be controlled by the movements of the market. Controlling yourself is boring in most cases, because it means not giving into temptation and how you feel in the moment. Successful traders effectively manage their risk, and they do not over-trade.

Amateur traders, on the other hand, look for excitement when they trade the markets. They tend to experience mixed emotions when trading. This is highly due to the fact that they are not prepared for different situations or don’t stick to their trading plan. Beginners will typically trade with relatively small accounts. Many of them will feel tempted to build that account as fast as possible. This feeling will cause them to over trade and not manage their risk properly. When traders fall into this trap, their emotions will go through many highs and lows. This emotional imbalance will in return cause them to lose their money.

I’m not saying that you can’t have any emotion when trading. There is nothing wrong with taking pleasure when having a winning trade. What I’m trying to say is that you should not have a huge imbalance in your emotions such as feeling ultimate victory and then a few moments later a crushing defeat. You need to be able to control your emotions and have trust in yourself.

How Can You Make Your Trading “Boring”?

It sounds weird if you ask the question in such a way. I mean who wants to be bored, right? The truth is a bored trader is often a successful trader. So how do you go about it?

  • Find a trading strategy that works for you
  • Develop a Trading Plan and stick to it
  • Only take A+ trading setups
  • Use proper risk management
  • Keep to your daily trading schedule
  • Prepare yourself for different situations in the market

Trading is not a game nor is it a casino, in other words, it’s not here to keep us entertained. Think about it, if you were trading with millions of dollars, you would not be taking stupid risks to entertain yourself. You would stick to your rules and only make the best possible trades. So why would you want to trade differently with a smaller account? You need to pretend that your $1000 account is a $1,000,000 account.

Trading the same setups day in and day out, having the same trading schedule and sticking to the same rules will essentially make your trading repetitious. This will cause your trading to become somewhat predictable. As we all know, predictable is boring, but predictable is also profitable!

Kenneth Ellis

LEVEL 2 : NOVICE

REVIEWS 7 | REPLIES 5

#2973

KennethE

November 18, 2015 at 5:49 pm

What a beautiful article. This is an absolute must read for all traders, especially newbies. People have a huge misconception when it comes to trading. Movies play a big role in this like you mentioned, Alex. They think that trading should be all fun and games, but I totally agree with you on the fact that trading should be the opposite. In fact I have heard it many times before. I still find trading a little too “exciting” so I’m not yet where I want to be. I tend to make many mistakes due to my emotions that come in to play. It is still a work in progress, but I think as time goes by I will become more comfortable and find my groove.

Zenaida Gertner

LEVEL 1 : NEWBIE

REVIEWS 6 | REPLIES 3

#3050

zenzen

January 7, 2016 at 10:19 am

When I read the article heading I just had to read it. Something I have never seen before. I must say what an amazing article displaying the freedom we have as traders. Most people have a complete misconception, thinking you need to be glued to the charts 24/7 – So not true! This article could not have been more clear! Thanks for taking the time to write this Alex, much appreciated 😉 No reason to feel bored while trading!

Looking forward to seeing more articles like these as it interesting and different to read. Usually you find these boring same rewritten articles on others sites.

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